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-- >> german chancellor angela merkel visits greece for talks with prime minister samaras on the country's debt crisis. >> 11 finance ministers in luxembourg agreed to pass a controversial tax on financial transactions. >> the nobel prize for physics goes to the scientists from france and the u.s. >> we began in greece where tens of thousands of angry protesters filled the streets of athens on tuesday to greet german chancellor angela merkel. >> it is her first visit there since the eurozone crisis erupted. she reaffirmed their commitment to keep the debt-ridden state inside your's single currency but offered no promise of further aid. >> a new report on the greek reform process is due next month, and in the meantime, greece is negotiating highly unpopular austerity measures. protesters blamed merkel. >> this morning's peaceful protest turned violent in their early afternoon. police used tear gas to disperse demonstrators. some 40,000 people took to the streets of athens to express their anger with the eu, the austerity measures, and the german chancellor. safely away from the protests, angela
are handling sandy. a storm of a different sort is happening in greece.. the latest on how greek residents are battling back against a tough new round of spending cuts. plus, mega millions-- how pac money is changing the tone of this year's election. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas good morning. it's tuesday, october 30th. i'm angela miles. hurricane sandy takes down the market. broll: wall street sign, empty streets around cboe for the second day in a row-- major trading exchanges including the nyse and cboe remain closed. it's the first time that's happened since 1888 when a blizzard blew through new york. the storm is bringing one benefit. in north carolina a ski resort is opening earlier than ever as sandy drops off several inches of fresh snow in the mountains and a shake up at apple. the senior vp of iphone and the head of retail are both leaving the company. with that we turn to larry shover of sfg alternatives-- it's the second day in a row that the major exchanges will be closed today. what do yo
, chancellor angela merkel can expect a hostile reception as she arrives in greece. and the greek prime minister as he struggles to impose yet more austerities. hello and welcome to gmt. i'm george al guya with a world of news and opinion. also in the program, north korea plex flexes its military muscles and claims its missiles can now reach the u.s. mainland. >> next time it's for real. the -- they vow to go faster and further than before. it's midday in london. angela merkel has just arrived for her first visit in five years in greece. the greece she will see this time around will see people mired in -- some of the anger is toward angela merkel. so why is she there? here's our correspondent. >> she arrived for her first visit to greece in over five years. touching down in the euro zone's most indebted nation. she stayed away before critical of the slow performance but now a show of support. large parts of athens were cordened off. a sign of the rage against a leader many see as driving the painful spending cuts. protests before her arrival had banners and slogans against angela merkel
to greece today, the first trip since the crisis began to show her support for the austerity plan. but the greek people blame germany for the economic hardships they are suffering. today, they cut their frustrations i haunt her. >> no post-war german chancellor has the reception quite like this. groups comparing her to the not these for insisting on austerity. large parts of the capital were sealed off by her visit. 7000 police deployed, water cannon on standby. it read her note to the fourth reich. we challenged this woman as to how she could portray her as hitler. because, she said, what is imposed on greece is like a naughty scheme. the vast majority were not anti german but anti austerity. >> look at what is happening here, what the measures are bringing. >> she was given full military honors of the airport. and on her way into the city, her convoy was jeered. with the doctors and nurses trying to block the street. >> she is here to show support for the greek people but on the streets, there is huge restoration. in just five years, this economy has shrunk 23%. just a short dis
be used to prevent crises. there are a lot of discussions to come, for example, greece and what the troicha what they will say. spain could be next. with all of these discussions to come, it's very important that they send a signal saying that they're taking actions that are credible and they stand together. >> there has been a general sense of relief that it is now in place, but what about the reaction from the stock markets? we have more on that. >> how could the euro fund create confidence? it became clear shortly after. shortly after they signed the agreement in luxembourg, the rating agency fitch gave it's first credit rating -- aaa, the best you can get. the esm really is an important component but the question remains how and when the economy will start to get in gear again especially in countries like spain, italy, and france. it is why the introduction really did not inspire on the stock trading floors this monday. >> we will have more on the implications later in the show with reports on portugal and greece. for now, a closer look at the market numbers. the dax 1.5% do
a chinese business is thriving in greece. we'll hear from a reporter who is on the frontlines, next. european leaders left athens on good terms yesterday before heading into a critical meeting today about greece. members of the so-called troika report the cash-strapped country is making progress toward obtaining another bailout. greek officials say they will run out of money next month without more aid. the troika, made up of officials from the imf, european commission and european central bank, meet today to talk about the status of greece. meanwhile, greek workers are set to stage another round of general strikes. the financial crisis in europe is providing an opportunity for china. liz alderman, a writer with the new york times, joins us this morning via skype with a report on a chinese shipping company. good morning to you. > > good morning. > > how successful has this shipping company, known as cosco, been so far in greece? > > it's an interesting story. this chinese basically state- run shipping company came in here about three years ago in a $500 million deal that ever since
-- >> germany opens a memorial to roma murdered. >> greece claims it has succeeded in extending the terms of its bailout, but the european union says no deal has yet been reached. >> organizers of the tour de france unveiled a route for next year's race that will be a big test for cyclists in the mountains. a memorial to the roma and senti people has been unveiled in berlin. it took 20 years before the project was completed. >> an estimated 500,000 were killed by the nazi regime. german chancellor angela merkel says that chapter of german history filled her with sorrow and shame and pledged to protect minorities in today's germany. >> it features names. a poem has been engraved on the edge. finally, recognition for the group's suffering, but even today, roma and senti say they are victims of racism. >> it is not just partisan groups that give voice to this racism. it is increasingly becoming a mainstream phenomenon, and the way that politicians deal with violent far-right ideology is is a litmus test that shows us which lessons we learned from the war and the holocaust and if we have learned the
particularly on vulnerabilities linked to bank funding. >> angela merkel faces a tough reception in greece as protesters take to the streets. >>> and alcoa kicks off what could be subdued u.s. earnings season. third quarter results of the s&p 500 are expected to drop overall snapping 11 quarters of gains. >>> okay. good to have you back. >> good to be back. you were out, i was out, it was -- >> and i was a little worried about what you were up to, so i do admit, i had you followed. and my man, he sent me back this photograph. >> oh, no. >> that is you with the goggles, right? >> yes, that's me with the goggles. >> what's going on? >> that's my sister at the end there. so i was back at my alma mater in virginia for my college reunion. part of that was -- >> to dress up and pretend you played lacrosse. why are you the only one with goggles? >> that's actually a relatively new addition to the game. when i started playing, we didn't wear goggles. but you get hit in the head a lot. supposed to be a noncontact sport. but because it was supposed to be noncontact sport, you didn't wear protective
-- the euro is slipping this hour on new uncertainty over greece. it triggered the debt crisis, of course. there is doubt on whether it can agree to new austerity measures. >> lenders are assessing its dismal economic situation. they are trying to figure out how to make those huge greek that sustainable -- debts sustainable. >> experts from the european commission, the european central bank, and the imf, the troika, are still in athens, preparing the report. they will decide soon whether greece has made enough progress on fixing its economy to qualify for the next installment of the international rescue funding. one of the truck up's proposals would call for public-sector bondholders, -- the troika's proposals would call for public- sector bondholders to write off some of the face value of those bonds. in return for relief, greece would have to carry out additional reforms. wolfgang schaeuble has rejected the idea of public-sector bondholders writing off any of their debt. he also says that a debt buyback proposal that has been floated by the troika might be possible. it greece would borr
minister has spoken out against the financial demands that are being put on greece. >> with -- the international monetary fund has called for courageous and cooperative action on tackling the debt crisis and global slowdown. lagarde says government can do more harm than good by cutting too far too fast. >> struggling eurozone countries should be granted more time to fix their fiscal problems according to the international monetary fund chief, christine lagarde. she said with many countries introducing drastic austerity programs at the same time, it is important to slow budget cuts, particularly in greece. >> i have said repeatedly that an additional two years was necessary for the country to actually face the fiscal consolidation program that is considered. >> the german finance minister is also in tokyo. he repeated his position that greece must stick to the cost- saving measures and timetables agreed with its international lenders. >> i think it is better for each country to try to solve its own problems and keep promises already made. if they cannot keep those pr
." >> this is "bbc world news america." protests were the new -- over new cutbacks in greece. is china growing too fast? let's get ready for a rumble. millions take part in the biggest earthquake drill. welcome to our viewers on public television in america and around the globe. european leaders are in brussels this evening for more crucial talks on the euro zone debt crisis. if you have a sense of deja vu, you are not alone. it is the fourth time they have met the share. they're trying to bridge differences over plans for a banking union and new rules over banking supervision. our europe editor is that the bureau sent tonight. >> it may look familiar and today is. this is the 22nd summit since the start of the euro zone crisis. leaders are still struggling to agree and to find a solution. there is a german division, which involves giving brussels of veto over national budgets. so far, it has few takers. >> this will not be -- we must lay the groundwork and we will have a lot to do. >> stepped forward the french president. he was dismissive. he said the german idea was not even on the summit's age
with protesters in greece to talk about the downgrade of global growth, specifically forecasting a contraction in the eurozone. >>> the netflix run may be over after a torrent gain in a single week. b of a says they underperform. they tell investors to take the money and run. >>> apple is losing its shine. down 9% now since the launch of the iphone 5. >>> today is the fifth anniversary of the dow and the s&p hitting all-time highs. the dow is 581 points short of the record, 14,164.53. the s&p is 109 points from the all-time high of 1465. earnings season gets the season kicked off today with alcoa. a global labor report because it does matter when you're looking at what the economy is going to do. >> one of the things alcoa has been able to do, particularly with the ceo, is take aluminum and replace a lot of other different metals, whether it be steel in cars because it's much lighter and therefore you use less gasoline. airplanes because again it produces the gasoline use. by the way, it does construct electricity, maybe not as sufficiently in copper but it is used in china. when you look at a
but with emergency staff only. in return, they would provide greece with more than 31 billion euros in aid. european leaders saw the scenes play out as they kicked off a summit in brussels. ramin, we've seen some frustration on the streets of athens. what else are the leaders grappling with? >> they are zeroing in on budget issues and how to supervise these banks because these oppressing issues for the euro zone leaders and for the market. you're looking at the whole procedure. european leaders opening a two-day summit in brussels on thursday. they're discussing ways to contain the ongoing european debt crisis. the leaders of the 27 nation european union are aiming to agree on the introduction of a banking union which will oversee commercial banks. the leaders will try to agree on providing all necessary measures by the end of this year to create the banking union. an integrated system for banking supervision would end a cycle of poor bank management and national budget problems. the introduction of a euro zone budget and closer oversight of eu members have been put forward as possible longer term s
measures to the german chancellor, who yesterday pledged her support for greece while also reiterating the need for serious cuts. jack ewing, reporter with the interantional herald tribune, tells first business that the most pressing issue for greece and eu leaders right now is getting another bailout for the cash-strapped nation. "aside from the protests, the more substansial question is how are they going to reach an agreement that will allow greece to get some more aid and avoid running out of money. it's pretty tight, there are very difficult negotiations going on with the creditors, the eu and the imf. that's really, aside from the protests, the most important problem that needs to be solved right now." without another bailout, greece says it will run out of money by the end of next month. gas prices in california edge up another penny or more around the state. tuesday's average for a gallon of unleaded reached $4.67. that's a state record, and the highest in the nation. analysts blame the spike on refinery disruptions and corrison in critical pipelines. senator barbara boxer is
into clashes with police. the strike brought much of greece to a standstill. athens' public transport system was virtually shut down. shops remained closed, and so did the famous tourist sites, including the acropolis in athens. the strike took some visitors by surprise. >> i am disappointed because i came from brazil to visit, and now it is not open. >> demonstrators were protesting the next planned round of cuts, which include further lowering of tensions and spending on health as well as a reduction of the minimum-wage. >> before heading to brussels, chancellor merkel address parliament here in berlin, seeking to slow down the french push we will be talking about to create a single european banking supervisory body. >> the address was sort of a campaign speech. she reiterated her political views ahead of germany's national elections next year. >> merkel's speech was not only a warm-up for the eu's summit. it was also the first time she faced off directly in bundestag the bid against ste -- debate against peer steinbrueck, her main rival in next year's elections. >> we know we have freedom
leaders will meet against a backdrop of another general strike in greece, the second in nearly a month. our correspondent mark lowen is there. you were wearing a gas mask because i assumed things have taken a turn for the worst. >> forgive me if i put this on in a moment, but there has been tear-gas fired across the square. it's very nasty when it gets into your eyes. there have been stun grenades as well. it has been peaceful overall with tens of thousands of people who have gathered on the streets of central athens with a general strike across the public and private sectors. everyone from doctors and teachers and taxi drivers and even air traffic controllers. it is the 20th general strike here since the debt crisis erupted in 2010. the message in the streets is greeks cannot take any more. >> i will back to you in a second. the 20th and general strike, he says. these events in spain and greece and elsewhere, are they having an impact on the leaders when they meet behind closed doors? >> it would be wrong to say they're not having any impact, but i am always struck by the difference b
. >> she's talking about austerity. head of the international monetary fund softening her stance on greece. my interview with christine lagarde coming up. >>> also ahead, do president obama's tax policies put a big drag on small business's bottom line? someone says absolutely. wait until you hear his take. back in one minute's time. i've been a superintendent for 30 some years at many different park service units across the united states. the only time i've ever had a break is when i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. but to you, it's a leap of faith. it means let
: figure for the update, nicole. angela merkel making her first trip to greece since the debt crisis began to show her support for the continued participation in the euro zone. while it is a vote of confiden confidence, her arrival was marred by tens of thousands of protesters. 13.5 billion euros worth of new austerity measures started out peacefully but soon turned violent as several greek police fired tear gas at demonstrators throwing stones. unsettling. melissa: if you thought the problems couldn't get any worse, phillips 66-pound a week in an oil line near san francisco and fox business contributor phil flynn in the pit of the cne with the latest. up big today. >> it is a nightmare in california, these are worthy refineries had stayed online making up for the lost production from two other refineries that were down. this could not have come at a worse time as prices were starting to come down. forget about all that, look at the overall market, oil, gasoline, heating oil exploding today. the brent continued to be at the widest level in over a year. a lot of it has to do with concerns i
. and market investors have been looking at greece for a very long time now. really, they want to see if this plan is actually going to play out properly through the markets. greece is set to agree -- with its international creditors on tougher austerity measures as well as reforms. the deal is going to unlock fresh aid for the debt-ridden nation. representatives from the international monetary fund, european commission, as well as the european central bank released a statement on wednesday after meeting greek officials. the statement said all sides are poised to agree on an austerity package that's worth 13 billion euros or $17 billion to meet the terms of greece's bailout. now the creditors say working level talks with greece will be wrapped up within a few days. that's after both sides finalize labor market reforms, as well as other outstanding issues. a decision on an extra bailout $361.5 billion euros is expected to be shelved until the eu financial ministers meeting next month. >>> now checking on the busins side of markets. u.s. a eurean stock pces extended gains in overnight t
. the dow dropped 110 points to close below 13,500. one of the big fears is that greece won't be able to pay its debts. today the german chancellor, angela merkel, flew to athens to show support for the greek government and to make sure that it goes ahead with severe budget cuts. mark phillips is there. >> reporter: her official welcome was dignified with all the usual state visit trappings. her unofficial welcome was angry and laced with uncomfortable imagery of what many greeks think of the german leader. no insult was spared. angela merkel is being called the most despised person in greece. she's insisted to prime minister antonis samaras that european bailout money that is keeping greece afloat only be paid if the government continues to make severe cuts in jobs, services, and pensions. merkel told the greeks she understood their suffering. they told her in their tens of thousands that they've suffered enough. most of the demonstrators were peaceful, some were not. and athens once more became a battleground of flying bricks and tear gas. the confrontation between the hard core demonstrat
stock exchange joins us exclusively to tell us what he calls greece an attractive market and so you should be investing right now. all the pictures coming out of the country, that is coming up. from 17 billion chips worldwide to a world of super-connected intelligence. the potential of freescale unlocked. nyse euronext. unlocking the world's potential. to investing with knowlee. the potential of td ameritrade unlocked. nyse euronext. unlocking the world's pontial. cheryl: our power mover of the hour is true religion. spiking today is the company received interest from potential buyers. true religion.proposals from private equity firms and some competitors. if you know the name, you know those jeans fel sell up to $360r pair. but they have been hit by falling demand. really it should be $200, not 360, right? despite the big top, here we go, true religion down over 10% over the past year. there is the one-year chart. people make fu made fun of me sg for $100 on lulu lemon. nicole petallides on the new york stock exchange, what do you think? nicole: i like lulu lemon and true religion.
joe mentioned greece. demonstrators were back in the streets of athens yesterday protesting against government austerity cuts. pensioners clashed with riot police and burned an eu flag. german chancellor angela merkel is scheduled to arrive in athens at about 6:30 eastern time today for a six hour visit. police banned protests in most of central athens and 6,000 officers are trying to keep control. this is merkel's first stop will greece since the debt crisis kree resulted back in 2009. and carolyn roth will be joining us live. >>> and both president obama and mitt roy in will be in ohio today. voters in the swing state are getting their last chance to register for next month's election. the polls are now all over the map. pew has romney up four points, but gallup says the positive jobs report gave president obama a five point boost. among our guests, ken langone and donald trump. and focusing on issues of foreign policy and national security, we have senator john mccain. and by the way, if you went to sleep early last night, the texans beat the jets 23-17. this win brings the texan
himself as the better european, the more committed european. he is telling voters that greece will take a lot longer to recover and that is going to cost a lot of money. he is saying they are entitled to that information. that may be true, but, as we know, elections are seldom won by telling the electorate unpleasant truths. >> thank you very much for the update. >> the greek government said the country is heading for its sixth consecutive year of recession next year. they see about 7.8 billion euros of fresh austerity cuts. their talks earlier in the day with the so-called troika -- there were talks earlier in the day with the so-called troika. people gathered to protest the talks. we're joined by our actions correspondent. is this what the government parties were elected to do -- our athens correspondent. is this what the government parties were elected to do? >> the troika resumed their talks with greek officials today. within about 90 minutes, they had not exactly broken down but the troika told the finance ministry officials that the figures did not add up. they did not believe nea
in spain. >>> greece is one of the struggling eurozone members counting on bailout funds to keep it functioning. international lenders are demanding the country's politicians implement deep spending cuts in return for that aid. angela merkel traveled to athens to urge greek leaders to push ahead with austerity measures. merkel met with greek prime minister samas and this is her first visit since the debt crisis began three years ago. she hopes the country will stay with the eurozone. she has been demanding tough deficit cutting measures. greece's politicians are wrangling over the details of an austerity package that's a precondition for more than 30 billion euros in loans. the money is part of a bailout approved by eurozone countries, the european central bank and the international monetary fund. tens of thousands of greeks rallied in central athens to protest against merkel's visit. about 7,000 police officers fanned out in the streets to control the demonstrators. >>> u.s. treasury secretary timothy geithner is visiting india before he jets to tokyo to attend the imf world ban
will continue to support the region. >> greece and spain and other countries are making serious efforts of fiscal conservation and reform. so they are doing a lot. but what japan wants to stress here is that they must continue to have a form. we have invested in the bond and about new esm bond. if it is started as scheduled and once it gets a rating, we will consider whether we'll continue to -- whether we'll buy the esm bond. >> reporter: another risk to the global economy is the slowdown in china. we asked nakao in he thinks the chinese authorities will take additional measures to boost the economy. >> they might be prudent because if given from the government by the public works and so on, it is not in line with the transformation to the consumption related economy. and also it might involve the risk of the realistic. so they look a little bit prudent. they have 7.5% growth target. i think in the end they'll achieve the goal. >> reporter: recent tensions over territorial disagreements between japan and china have cast a shadow over the two economies. nakao says he hopes the meetings
. >>> overseas now, look at what happened when german chancellor angela merkel visited greece today. her first visit since that nation's meltdown began. police clashed with thousands of protesters. angry at germany for imposing tough austerity measures on greece in return for a bailout. merkel was there to support greece's embattled prime minister, who said his country is flatout exhausted. germany happens to be the most powerful economic engine in all of europe, and has a lot of sway in economic matters. >>> it's been four weeks since the attack on the u.s. consulate in libya that killed our ambassador and three other americans. and in this political season, the attack is increasingly becoming a political issue. a congressional committee will hold big hearings tomorrow. a preview tonight from our chief foreign affairs correspondent andrea mitchell. >> reporter: as house republicans prepare to hold hearings on the benghazi attacks, mitt romney disclosed he met one of the victims, former navy s.e.a.l. glenn doher doherty. >> you can imagine how i felt when i found out he was one of the two form
the 10th, a lot going on including protests in the streets of athens, greece to welcome german chancellor angela merkel. we'll tell you what's going on romney. trust me on this one. but first let's get to the news live at 5:30 a.m. and we begin with the fight for the battleground states. less than four weeks now until election day. in ohio, 18 electoral votes are up for grabs, the state that could well determine the president. a new cnn poll conducted after the debate of last week shows the president leading by four points. mitt romney has gained four points there in just over a week. in new hampshire meanwhile, a new poll shows in the last nine days, romney has whittled the president's 15 point lead down to six points. and a new real clear politics average of all the national polls has romney edging ahead of president obama for the first time this year. south of cleveland last night, meanwhile, an estimated 12,000 people showed up in the cold to support romney who was introduced by fired up governor of new jersey, mr. chris christie. >> a few weeks ago, i watched the democratic national
low to mid 70s. concord down into livermore 66 greece right now. in oakland temperatures still a few greece above yesterday's numbers right about this time, and we did see a little bit of a warmup today over yesterday's highs. the warmup will continue but that's some of the hottest weather coming wednesday and possibly thursday. your satellite radar here so we do have high clouds moving overhead from time to time. you may have noticed them today. it's just the southern edge of this system that will continue riding over us. it's not going to bring us any rain. you can see plenty of rainfalling over the pacific northwest but we'll continue to see those clouds and eventually behind it the ridge of high pressure really strengthening and bringing us quite a heat up. so for tomorrow numbers are going to nudge just a little bit above what we felt today. by wednesday a bigger jump and, again, it will last for a couple days. low 90s in the forecast for some of the hotter spots. as we get started tomorrow morning temperatures back in the 50s, 57 for oakland, 54 redwood city, 55 in san ra fell.
, leading to riots in greece, spain, and recently, portugal. does he have any alternative? >> the core message is austerity, more austerity, financial reform -- continue on that track. we have also recently had a comment -- "there will be no state bankruptcy in greece," which has been widely interpreted as an easing up on the pressure on athens. >> thanks so much from our parliamentary studios. the european union health commissioner has quit after being implemented midget -- implicated in a fraud probe surrounding a new eu tobacco regulation. a swedish company claimed that in the soviet offer to help legalized the sale of its tobacco products in exchange for cash. officials say no bribes were made. the head of one of the world's largest banks has resigned after tensions with the board of directors. vikram pandidtt, who led citigroup through the financial crisis, step down, and this came as a shock to many executives. the head of citigroup's division for europe and the middle east and africa has been named as pandit's replacement. monday, citigroup reported a massive drop in third quart
is actually look at the reality and say actually it's not that bad. it's nothing like greece and spain. >> reporter: britain has been stuck in a double-dip recession but unemployment figures have improved to just under 8%, compared to countries like spain and greece with unemployment over 25%. like britain, this week, those countries called for strikes, too. on november 14, unions in spain, greece, and portugal are all planning nationwide walkouts. charlie d'agata, cbs news, london. >> jarvis: while europe wrestles with its struggling economies, the u.s. faces an unprecedented deadline. this week, the white house threatened to veto any legislation that would avoid the so-called fiscal cliff unless it includes a tax hike for the nation's wealthiest. if congress does nothing, the fiscal cliff will come at midnight to december 31, when the bush-era tax cuts expire, triggering a hike for 90% of taxpayers. the financial impact of an average middle-income household would be about $2,000, or $166 of automatic withholding per month. the trigger would also slash the defense budget by 50%, and d
to greece to talk to people as they try to help them to bail out from their problems and met with nazi protesters. there has been so much violence. how does the you deserve this award? >> exactly. >> greece is one country out of 27. they never said it was entirely responsible. had its share. >> share? it is one of%. >> nato has not been one 90% and is about reconciliation. >> let's take a look at the previous winners. what i would say the previous winners this prize has lost all respect with yes, sir. arafat tohe had done nothing how does this geany respect? >> absolutely. the north atlantic assembly was the parliamentary backing the european union has is zero and nato was 100% and you mntioned president obama ecap don fruitless and expensive wars i cannot believe he was given the peace prize ange merkel goes to athens delivering austerity in return for control of greece >> he talks about hifalutin and idas when you look at the market and as the reconciliation and peace building. what they have encouraged the european union has done a lot. >> people are on the streets protesting. >> th
francis and here's what's "money" tonight. germany's chancellor merkel lands in greece in wild demonstrations. the imf says our fiscal cliff is adding to this economic mess. we'll sort through all the rubble. plus it is dirty, filthy gas to the rescue. california will pollute the environment to bring down crippling gas prices. no bicycles and car pools for them. we'll break it all down. >>> how far would you go to earn a buck? not even a host passing out on air can stop qvc from making a sale. we've got the video and the details. even when they say it's not, it is always about money melissa: first let's look at the today's market headlines a grim imf forecast for the global economy sent stocks sliding down 110 points. nasdaq was the day's biggest loser posting its largest loss since june 25th. earnings season starts off on a good foot. alcoa beat estimates on top and bottom line. shares are getting a nice pop after-hours. >>> government is filing a civil suit against wells fargo. they are accused of reckless behavior issuing federally backed loans. shares of wells fargo fell ne
of protesters. nazi flags flying to greet german chancellor angela merkel in greece. the e.u. was named the winner of the nobel peace prize somehow. with me is economist peter morici. so happy to have you here. i'm baffled. i don't know, can you -- >> i'm more than baffled. barack obama got one a couple years ago for doing nothing but his promise. riots in greece. people are eating out of garbage appeals and dumpsters in spain all because of austerity being imposed on them by the north and the european union get as peace prize for that? maybe they ought to roll tanks through athens and maybe they give them two of them. melissa: i don't know. these pictures we're looking at right now do not scream peace to me. you know, the chairman of the panel was a little testy at the press conference when people asked him questions like this. they sort of challenged him. he said that they have played a stablizing part in the continent, bringing together all of the european union. does it look stable to you? i feel like it is not terribly stable especially when we look at their finances. >> no, it is
the eu's role in the expansion of democracy. >> spain and greece are facing deep economic problems although they look to the eu for financial help, but they also blame policy makers for imposing draconian views on them. >> austerity has hit the traditional military parade in madrid, scaling back to cut costs. many spaniards once more solidarity. they have had a mixed reception. >> that will not put food on the table. >> i think it's great. the europeans are great people. >> we're very proud. >> there are certain interests behind awarding the eu a price like that. i do not think it's justified. >> that is a sentiment echoed in another crisis country, greece. >> i do not believe it has been helping the stability at all. if it had, we would not be in the mess we're in. >> despite the inequality and the north hating the south? >> no euphoria and they prefer a speedy resolution to the debt crisis. >> the international labor organization says it has cost 30 million people their jobs and one-third of the people out of work are under the age of 25. >> the impact is huge. every other person
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